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    Joseph Gomes • Analyst

    Joseph Gomes's questions to Bit Digital Inc (BTBT) leadership

    Joseph Gomes's questions to Bit Digital Inc (BTBT) leadership • Q1 2025

    Question

    Joseph Gomes of NOBLE Capital Markets questioned the rationale behind raising equity via an ATM program while simultaneously holding significant investments on the balance sheet, seeking to understand the capital allocation thought process.

    Answer

    CEO Samir Tabar explained the ATM filing was a 'mechanical renewal' for flexibility and not a change in philosophy. He emphasized that liquidity is critical for executing strategic initiatives and building customer trust. He noted the company balances funding sources by selling some digital assets (Bitcoin) and is actively pursuing non-dilutive mortgage financing for its data centers to fund growth with cheaper capital.

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    Joseph Gomes's questions to Bit Digital Inc (BTBT) leadership • Q2 2024

    Question

    Joseph Gomes questioned how the margins on the Boosteroid contract compare to the anchor HPC contract, whether the mining segment's gross margin was stable throughout the quarter, the reason for the sequential decline in fleet efficiency, and if there are any costs associated with the anchor customer's order delay.

    Answer

    CEO Samir Tabar explained that while margins for the Boosteroid contract are good, they are not as high as those for the H100s with the anchor client. Executive William Schnier stated that mining gross margin was relatively steady throughout the quarter and clarified that fleet efficiency actually improved, not declined. Schnier also confirmed that the company has not incurred major costs from the customer delay, as they had only ordered long-lead time networking equipment and not the H100 servers themselves, for which lead times are now short.

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    Joseph Gomes's questions to Information Services Group Inc (III) leadership

    Joseph Gomes's questions to Information Services Group Inc (III) leadership • Q1 2025

    Question

    Joseph Gomes asked if the goal to double AI clients to 300 this year was now too conservative, inquired about hiring challenges or wage pressure for AI consultants, and questioned how the ISG Tango platform contributes to revenue.

    Answer

    CEO Michael P. Connors did not provide a new AI client target but expects a large majority of all clients will have an AI component by mid-2026. He stated there is no significant wage pressure. Regarding the ISG Tango platform, which now has over $9 billion in contract value, he explained its primary benefits are margin acceleration through efficiency and opening up the mid-market, which was instrumental in winning a recent multimillion-dollar deal.

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    Joseph Gomes's questions to Information Services Group Inc (III) leadership • Q4 2024

    Question

    Joseph Gomes of Noble Capital Markets asked for the basis of management's confidence in improving market conditions despite economic uncertainty and also requested a ranking of priorities for the use of cash, specifically regarding debt paydown, M&A, and share repurchases.

    Answer

    Michael P. Connors, Chairman and CEO, explained that confidence stems from post-election certainty in the U.S., increased demand for cost optimization services driven by tariff concerns, and strong double-digit growth in key verticals like banking and energy. Regarding cash allocation, Connors prioritized M&A and share buybacks after reducing debt to a target level of around 2x EBITDA, stating he sees no need to lower debt levels further.

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    Joseph Gomes's questions to Information Services Group Inc (III) leadership • Q3 2024

    Question

    Joseph Gomes asked for clarification on the sequential revenue decline in the Q4 guidance, the growth of the mid-market segment within the ISG Tango platform, and whether the company should be more aggressive with its share repurchase program.

    Answer

    CEO Michael P. Connors explained the Q4 guidance appears lower because it excludes $7-8 million in revenue from the recently divested automation unit, indicating underlying growth. He also confirmed the mid-market segment on the Tango platform is growing on a larger contract value base. CFO Michael Sherrick added that ISG expects to accelerate its share buyback program, noting they were inactive in Q3 due to the divestiture transaction.

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    Joseph Gomes's questions to CoreCivic Inc (CXW) leadership

    Joseph Gomes's questions to CoreCivic Inc (CXW) leadership • Q1 2025

    Question

    Joseph Gomes of Noble Capital Markets inquired about the existence of additional undisclosed letter agreements with ICE, the capacity expansion from recent CapEx, and CoreCivic's interest in managing soft-sided facilities.

    Answer

    CEO Damon Hininger stated there were no hidden agreements but would not be surprised to see more soon, given ICE's intense need for capacity. CFO David Garfinkle added that the new CapEx is for leaning forward on activating almost all idle facilities. Hininger confirmed strong interest in managing soft-sided facilities, citing their rapid activation capabilities demonstrated at the Dilley facility and their responses to all recent ICE RFIs.

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    Joseph Gomes's questions to CoreCivic Inc (CXW) leadership • Q4 2024

    Question

    Joseph Gomes asked for a big-picture view on ICE's total capacity needs, the potential impact of alternatives like Guantanamo Bay, details on reopening the South Texas facility, the possibility of exceeding rated capacity at other facilities, and how increased CapEx might affect share repurchases.

    Answer

    CEO Damon Hininger estimated a total need of 150,000 to 200,000 beds, driven by new policies and the Laken Riley Act. He detailed CoreCivic's value proposition on cost, logistics, and experience, noting a 28,000-bed proposal is already with ICE. CFO David Garfinkle quantified the potential EBITDA uplift from idle capacity at $200M-$275M. President Patrick Swindle and Hininger confirmed the South Texas facility could be activated quickly and that other facilities have flexible capacity. Garfinkle stated that the planned CapEx is already factored into their capital allocation strategy and would not impede share repurchases, though the pace could be affected by the timing of activations and other M&A.

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    Joseph Gomes's questions to CoreCivic Inc (CXW) leadership • Q3 2024

    Question

    Joseph Gomes asked for more detail on the Community segment's performance, including its revenue per mandate and operating expenses. He also inquired about the potential reactivation of the South Texas facility and the competitive landscape for the ATD contract.

    Answer

    CFO David Garfinkle attributed the Community segment's operating expense increase to a legal settlement and explained the per diem reduction was due to a mix shift between federal and local partners. CEO Damon T. Hininger confirmed the South Texas facility is being kept in a 'warm status' and they are prepared for reactivation if ICE has a need. Regarding the ATD contract, Hininger believes the scale required limits the field to a few large competitors but noted the RFI might also aim to identify smaller, specialized partners for specific program components.

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    Joseph Gomes's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership

    Joseph Gomes's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership • Q1 2025

    Question

    Joseph Gomes from NOBLE Capital Markets asked about the competitive landscape for tactical drones, other technologies being repurposed for commercial use, and priority areas for potential tuck-in M&A.

    Answer

    CEO Eric DeMarco expressed strong confidence in Kratos's tactical drone portfolio, stating no competitor's actions were a concern. He highlighted several dual-use technologies, including robotic truck kits, OpenSpace software, and jet engines. For M&A, he identified microwave electronics and turbomachinery as top priorities.

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    Joseph Gomes's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership • Q3 2024

    Question

    Joseph Gomes from Noble Capital Markets asked for an update on the international target drone opportunity and the current status of the company's driverless vehicle solutions business.

    Answer

    CEO Eric DeMarco explained that the international target drone business is experiencing significant growth with high margins, driven by allied nations acquiring new air defense systems and F-35s. Regarding driverless vehicles, he stated the business is 'doing great,' addressing the truck driver shortage with a low-cost kit. While currently small, he expects it to be financially material and discussed more routinely by 2026.

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    Joseph Gomes's questions to Geo Group Inc (GEO) leadership

    Joseph Gomes's questions to Geo Group Inc (GEO) leadership • Q1 2025

    Question

    Joseph Gomes of NOBLE Capital Markets asked about the significant margin decline in the electronic monitoring segment, the lack of specific funding for Alternatives to Detention (ATD) in proposed ICE budgets, the recent plateau in ICE detainee populations, and GEO's potential interest in a new facility RFP in Alabama.

    Answer

    CFO Mark Suchinski attributed the electronic monitoring margin pressure to a product mix shift away from higher-margin phones to GPS devices. CEO Dave Donahue and CFO Mark Suchinski explained that ICE's current priority is detention capacity, with ATD funding expected to clarify as the budget process matures. Donahue noted the detainee plateau is due to capacity constraints that new contracts will soon alleviate. He also confirmed that while GEO is aware of the Alabama opportunity, its primary focus remains on federal partners, making it a 'back burner' issue.

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    Joseph Gomes's questions to Geo Group Inc (GEO) leadership • Q3 2024

    Question

    Joseph Gomes of NOBLE Capital Markets questioned the direct correlation between the revenue and Net Operating Income decline in the Electronic Monitoring segment. He also sought clarification on the 2024 debt reduction progress versus stated goals and inquired about potential growth opportunities with the U.S. Marshals and Bureau of Prisons (BOP), as well as the capital expenditure needed to scale the ISAP program.

    Answer

    CEO Brian Evans and Executive Chairman George Zoley explained the revenue/NOI decline was a coincidence driven by changes in the service mix. Evans clarified that the debt reduction goal was impacted by one-time refinancing fees of $40-50 million, and without them, they were on track. Zoley noted that in the short-term, all available capacity would likely be prioritized for ICE, but long-term, both the Marshals and BOP could represent expansion opportunities. Regarding ISAP CapEx, Zoley explained it depends on the mix of monitoring devices used.

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    Joseph Gomes's questions to Great Lakes Dredge & Dock Corp (GLDD) leadership

    Joseph Gomes's questions to Great Lakes Dredge & Dock Corp (GLDD) leadership • Q1 2025

    Question

    Joseph Gomes inquired about the potential impact of the Equinor Empire Wind 1 project pause, specifically the ability to backfill the Acadia vessel's schedule in a worst-case scenario. He also asked about the pace of bid awards year-to-date and the current competitive landscape.

    Answer

    President and CEO Lasse Petterson stated that while it would be difficult to fill the Acadia's time slot on short notice, the contract contains cancellation fees. CFO Scott Kornblau added that termination provisions are standard and noted a legal challenge has been filed against the project pause. Regarding the market, Petterson and Kornblau explained that the bid market pace is seasonally typical, with coastal restoration projects expected in Q2/Q3, and the competitive environment remains stable, allowing GLDD to be selective with bids.

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    Joseph Gomes's questions to Great Lakes Dredge & Dock Corp (GLDD) leadership • Q4 2024

    Question

    Joseph Gomes of NOBLE Capital Markets inquired about the 2025 bid market outlook, the impact of a recent court ruling on non-Jones Act vessels for rock installation, and the status of Title XI funding for the company's newbuilds.

    Answer

    CEO Lasse Petterson stated that the company's strong backlog provides confidence for 2025 and 2026, minimizing the impact of any potential bid market delays. CFO Scott Kornblau added that coastal protection projects are less likely to face delays. Regarding the court ruling, Kornblau clarified it does not change their competitive position, as the larger scope of rock installation work remains Jones Act protected. He also noted that while Title XI funding is paused, the company has secured alternative financing, making the government loan a 'nice to have' rather than a necessity.

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    Joseph Gomes's questions to Great Lakes Dredge & Dock Corp (GLDD) leadership • Q3 2024

    Question

    Joseph Gomes of G.A.C. Corp inquired about the project award environment for the fourth quarter, potential delays for the Acadia vessel due to the Philly Shipyard sale, and the current competitive landscape for dredging vessels.

    Answer

    CFO Scott Kornblau stated that $90 million in low bids were awarded post-quarter, with more expected. He also noted increased optimism for the Tellurian LNG project following its acquisition by Woodside. CEO Lasse Petterson added that Q4 and Q1 are typically slower for bidding. Regarding the Acadia, Petterson explained the shipyard sale is pending regulatory approval but the new owner's ambitions are positive. He also stated the competitive environment is stable, supported by a strong bid market and a competitor's retirement of two dredges.

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    Joseph Gomes's questions to ACCO Brands Corp (ACCO) leadership

    Joseph Gomes's questions to ACCO Brands Corp (ACCO) leadership • Q1 2025

    Question

    Joseph Gomes of Noble Capital Markets inquired about the impact of a large B2B contract, the specifics of international and U.S. price increases, and details regarding a recent acquisition in Australia and New Zealand.

    Answer

    President and CEO Tom Tedford clarified the B2B contract was a one-time Q1 event, and without it, Kensington's sales would have been flat. He stated the international price increase was about 2%, while U.S. price actions are ongoing to counter tariffs. Tedford also detailed that the recent acquisition expands ACCO into the ergonomic seating category in Australia and New Zealand, with potential for future global expansion.

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    Joseph Gomes's questions to ACCO Brands Corp (ACCO) leadership • Q4 2024

    Question

    Joseph Gomes inquired about ACCO Brands' strategy for improving sales trends, asking what differentiates the current approach from past efforts. He also sought an update on gaming partnerships and distribution in Japan, and questioned the outlook for retailer inventory levels ahead of the back-to-school season.

    Answer

    President and CEO Tom Tedford explained that future growth will rely more on gaining share and entering adjacent categories like ergonomics, as existing categories face headwinds. He noted that while gaming was strong in 2024, driven by new products and international expansion like in Japan, he anticipates headwinds in early 2025 due to Nintendo's console transition. Regarding retailer inventory, Tedford expects a conservative approach similar to last year, with no significant headwinds or tailwinds anticipated.

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    Joseph Gomes's questions to ACCO Brands Corp (ACCO) leadership • Q3 2024

    Question

    Joseph Gomes asked for the key reasons behind the 'muted demand environment' beyond back-to-school. He also inquired about the remaining impact of the low-margin business exits in Q4 and requested more details on the company's expansion into nontraditional channels.

    Answer

    President and CEO Tom Tedford attributed muted office product demand to the permanence of hybrid work and accelerated digitalization, while noting improving trends in technology accessories. EVP and CFO Deb O'Connor stated the impact from exiting low-margin business will be smaller in Q4. Tom Tedford added that tests in nontraditional value channels for back-to-school were successful, and the company plans to expand its presence there.

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    Joseph Gomes's questions to Steelcase Inc (SCS) leadership

    Joseph Gomes's questions to Steelcase Inc (SCS) leadership • Q4 2025

    Question

    Joseph Gomes from NOBLE Capital Markets asked for clarification on the timing of the Q4 tax items and related variable compensation, the economic assumptions underlying the fiscal 2026 guidance, and the company's plans for share buybacks.

    Answer

    SVP and CFO David Sylvester clarified that the favorable tax items resulted from a December regulation change and newly implemented tax strategies, which in turn triggered variable compensation adjustments. He noted the FY2026 guidance considers some macro headwinds but is supported by a strong backlog and positive customer sentiment. Regarding buybacks, he stated the plan for fiscal 2026 is to continue offsetting dilution, similar to the previous year.

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    Joseph Gomes's questions to Steelcase Inc (SCS) leadership • Q3 2025

    Question

    Joseph Gomes asked what is needed for a sustainable recovery in the International segment beyond macro trends. He also inquired about the potential business impact from a new administration's return-to-office push for federal workers and whether the laminate supplier issue could extend beyond Q4.

    Answer

    CFO Dave Sylvester cited continued return-to-office in Western Europe, targeted account strategies, and a potential bottoming in China as drivers for international recovery. He sees the federal return-to-office push as a positive driver for activity. Regarding the supplier issue, he acknowledged that the disruption could potentially extend beyond the fourth quarter as the supplier catches up on pent-up demand.

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    Joseph Gomes's questions to V2X Inc (VVX) leadership

    Joseph Gomes's questions to V2X Inc (VVX) leadership • Q4 2024

    Question

    Joseph Gomes requested an update on Foreign Military Sales (FMS) traction, asked about significant re-compete opportunities for contracts V2X does not currently hold, and inquired about the latest pipeline metrics for submitted bids and the 12-month outlook.

    Answer

    President and CEO Jeremy Wensinger noted ongoing FMS opportunities but cautioned that their award pacing is slow. He stated the pipeline is focused on gaining market share on existing work, with substantial bids outstanding. CFO Shawn Mural deferred on specific pipeline metrics, explaining that the new Chief Growth Officer is conducting a review, but Wensinger added that bid velocity is expected to increase in 2025.

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    Joseph Gomes's questions to V2X Inc (VVX) leadership • Q3 2024

    Question

    Joseph Gomes of NOBLE Capital Markets asked for a breakdown of the 8% revenue growth, the reasons for the revenue decline in Europe, and the outlook for revenue growth and margins in 2025.

    Answer

    SVP & CFO Shawn Mural explained that the 8% growth was a mix of new program contributions, like the Saudi contract, and increased on-contract activity, particularly in INDOPACOM and the Middle East. He noted the European decline was due to lower volume on a specific program compared to the prior year but emphasized a strong underlying presence and future opportunities. For 2025, Mural reiterated that V2X will grow but declined to give a specific rate, projecting 2025 margins to be similar to 2024's, acknowledging that new contracts start at lower margins.

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    Joseph Gomes's questions to V2X Inc (VVX) leadership • Q2 2024

    Question

    Joseph Gomes asked new CEO Jeremy Wensinger for his initial impressions of V2X, his primary focus areas, the pace of contract awards, and the status of the new business pipeline.

    Answer

    President and CEO Jeremy Wensinger stated he is impressed with the company's people and complex global operations. His focus is on execution, performance excellence, and optimizing the business post-integration to leverage the combined company's full portfolio. SVP and CFO Shawn Mural added that the Q2 book-to-bill was approximately 0.7, consistent with a muted award environment in the first half, but he expects the pace to increase in the second half of the year.

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